Most managers complain about having to do performance reviews - so why do them? Performance reviews are not required by law. However, they are important tools to ensure you and your employees are on track re: performance expectations.
It is important to decide how you will provide employees feedback and assess performance in a way that is fair, sound and consistent. Even if you decide to not conduct a formal performance management process, you do want to provide regular on-going feedback and avoid situations where the employee is surprised at how their performance is viewed.
Feedback (both positive and course correction) is an important part of managing the performance of individuals and/or the team. It’s how you reinforce the desired behaviors and provide course corrections for the behaviors you want to improve.
The goal is to create an environment of continuous feedback - up, down and across the organization.
The purpose of a formal performance review is as a “forcing mechanism” to ensure feedback is happening and to be at a point in time to review overall performance for a specific period.
It’s an opportunity to recognize and reinforce great performance
It can (but doesn’t have to be) be tied to determining compensation...